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Even for an institution with a rich history, the listing on the New York Stock Exchange of NYSE Group Inc's stock is a watershed. Yes, investors, who have for more than 200 years bought and sold shares of hundreds of companies, can now buy or sell shares of the NYSE itself. The listing has enriched the 1,366 members of the Big Board.

As Mr John Thain, CEO, struck the gong to mark the listing, specially-made miniature bells chimed in the hands of traders on the floor; there were a few boos, too, from traders who feared the coveted open-outcry system may be at risk. The NYSE is, however, a late entrant, as 16 other exchanges are listed and traded. A market cap of over $10 billion does not make the NYSE the biggest-listed exchange. That distinction belongs to the Chicago Mercantile Exchange.

S. Vaidya Nathan

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